Binance Labs, the accelerator and venture capital arm of the cryptocurrency exchange , Binance, announced on Tuesday that it has made a $4 million investment in the Web3 sports game platform dubbed Ultimate Champions.
Due to the recent move, Binance Labs wants to support the Web3 gaming industry and help build a free-to-play fantasy sports platform using its blockchain technology, BNB Chain. According to the press release, Ultimate Champions will spend the obtained financing to secure the additional partnership and grow its community.
"The world of Web3 gaming is expanding, and Binance Labs is looking for Web3 gaming projects that have missions of providing real entertainment to the users rather than the ones focusing on giving out more opportunities to earn," Yi He, the Co-Founder of Binance and Head of Binance Labs, said.
The Ultimate Champions platform is currently focusing mainly on football and has partnered with 45 football clubs from Europe, including big brands like VfL Wolfsburg or Arsenal FC. In the future, the project's developers want to attract even more teams and expand their offerings to other sports.
Alex Odagiu, Investment Director at Binance Labs, confirms that "Web3 brings massive potential" to the gaming industry and makes it more accessible.
Web3 Transforms the Gaming Industry
Blockchain technology brings decentralization and new solutions to many industries, not just finance and investment. A great example is gaming where the Web3 revolution allows many independent studios to succeed.
"Web3 expands the appeal of making your own world and actually owning it. This concept is already built into several metaverse games on the blockchain, which focus on providing building opportunities and then lets their players create unscripted unique digital 3D venues," Konstan Dinev, the CEO of TimeShuffle, said.
Over the years, the game industry has changed its approach to financing models. Today, it is very common for games to be free, especially mobile games, with payment for in-game upgrades. The blockchain industry is now proposing a new gaming model called free-to-own, which Limit Break and its DigiDaigaku NFTs were the first to offer.
